Euronet Worldwide, Inc. (EEFT), an electronic payments provider, on Wednesday announced plans to offer $850 million of Convertible Senior Notes due 2030 in a private placement.
The company will also grant the initial purchasers a 13-day option to buy up to an additional $150 million of the notes.
The company plans to use the net proceeds from the offering to repay borrowings under its unsecured revolving credit facility. If the initial purchasers buy additional notes, proceeds will be used to repay more debt under the facility or for general corporate purposes.
Upon conversion, the company may settle in cash, stock, or a combination of both, at its discretion. The interest rate, initial conversion rate, and other terms will be set at the time the offering is priced.
The company also intends to use cash on hand to fund capped call transactions and repurchase up to $175 million of its common stock in privately negotiated deals at the time of pricing.
If additional notes are sold, the company will use cash on hand to enter into more capped call transactions with the option counterparties.
The company said the capped calls are intended to reduce potential dilution from any note conversions and/or offset cash payments above the principal amount.
In the pre-market trading, Euronet Worldwide is 5.22% lesser at $90 on the Nasdaq.
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